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Superannuation - tax The trustees of the Allrighty Superannuation Fund have provided the following details for the income year. Comment Amount $ Inflows Employer contributions

Superannuation - tax

The trustees of the Allrighty Superannuation Fund have provided the following details for the income year.

Comment

Amount $

Inflows

Employer contributions

45,000

Spouse contributions

3,000

Rollover from another fund

20,000

Earnings from fixed interest securities1

25,000

Franked dividends2

70,000

Outflows

Accounting fees

1,000

Auditor fee

8000

Bank charges

75

Life insurance premiums paid

900

Pensions paid

15,000

1All fixed interest securities were held as segregated assets to support pension payments to members aged 60+

2Company tax at 30% has been paid

Required:

Calculate the superannuation funds net tax payable. (Show your workings; assessable income, deductions, taxable income, gross tax, net tax payable)

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